Half of Hungarians wouldn't last 3 months without a job

Published: December 11 2023

Financial security and the ability to save for emergencies are crucial for individuals and households. A recent Eurobarometer survey reveals that a significant number of Hungarians are not well-prepared financially, with many unable to sustain themselves without a job for more than a few months. In this article, we will explore the findings of the survey and discuss the importance of having emergency savings.

According to the Eurobarometer survey, only 22% of Hungarians have enough savings to cover their expenses for at least six months, while an equal percentage has savings that can last between three to six months. Alarmingly, the majority (52%) of the population would struggle to survive for less than three months if they were to suddenly lose their main source of income.

The survey highlights that Hungarians are falling behind their Central European counterparts when it comes to financial preparedness. In countries such as the Czech Republic and Slovakia, 29% and 28% of the population, respectively, have savings that can sustain them for at least six months. However, in Hungary, this figure stands at a mere 22%.

The data also reveals disparities within Hungarian society, particularly among the lower-income segments. Compared to the European Union average of 25% of individuals without savings or with less than one month's worth of savings, Hungary has a higher percentage, with 31% falling into these categories. Furthermore, the study indicates that household savings in the region have been declining, as evident from negative savings rates in countries such as Slovakia and Poland.

Having a sufficient emergency fund is crucial for financial stability. Financial advisors often recommend having savings that can cover at least six months' worth of living expenses to protect against unexpected expenses or temporary income loss. Building an emergency fund provides a buffer to weather financial storms and reduces reliance on external sources of funding.

The Eurobarometer survey highlights the need for improved financial preparedness among Hungarians. With a significant proportion of the population lacking the financial resilience to sustain themselves without a job for more than a few months, it is essential to prioritize the establishment of emergency savings. By setting aside a portion of income regularly and adopting sound financial habits, individuals and households can build a safety net that improves financial security and provides peace of mind during challenging times.

What percentage of the Hungarian population has enough savings to last at least 6 months without a job? According to a survey by Eurobarometer, only 22% of the Hungarian population has enough savings to last at least 6 months without a job.

How many people in Hungary could only last 3-6 months without a job? The same Eurobarometer survey found that an equal percentage of people in Hungary (22%) have savings that would last them between 3-6 months if they suddenly lost their main source of income.

How many people in Hungary would be unable to survive for more than 3 months without a job? The majority of people in Hungary (52%) would be unable to survive for more than 3 months without a job, according to the Eurobarometer survey.

How do Hungarian financial literacy and savings compare to the European average? The survey results indicate that the financial literacy of Hungarians is average, while their savings are somewhat below the European average.

What is the recommended amount of emergency savings for households? Financial advisors commonly recommend that households have at least 6 months' worth of living expenses covered by emergency savings. This provides a safety net for unexpected major expenses or temporary income loss.

How does Hungary compare to other Central European countries in terms of emergency savings? According to the Eurobarometer survey, Hungary falls behind in comparison to countries such as the Czech Republic and Slovakia. In Czech Republic, 29% of the population has at least 6 months' worth of savings, while in Slovakia, the percentage is 28%. In Hungary, this figure is only 22%.

What percentage of the Hungarian population has no savings or less than 1 month's savings? In Hungary, 31% of respondents fall into the categories of having no savings or less than 1 month's savings. This is higher than the average for the entire European Union, which is 25%.

What was the savings ratio of Hungarian households in 2022? According to the OECD, the savings ratio of Hungarian households in 2022 was 8.5%, which is significantly higher than the European Union average of 5.8%. This trend has been consistent for a long time, with the Hungarian savings rate surpassing the EU average only once in the past 10 years.

Which countries in the region had negative savings rates in 2022? In the region, both Slovakia (-2.5%) and Poland (-2.9%) had negative savings rates in 2022, indicating a high level of household indebtedness.

What was the average monthly net income of full-time workers in Hungary in 2022? In 2022, the average monthly net income of full-time workers in Hungary, taking into account tax benefits, was 355,300 forints.

How much could someone with a monthly net income in Hungary save if they put aside 8.5% of their income? Someone with a monthly net income of 355,300 forints in Hungary who saves 8.5% of their income could save an additional 30,200 forints per month.

What is the average amount that active working-age Hungarians can save per month? According to a survey by Generali Biztosító, the average amount that active working-age Hungarians can save per month is around 30,000 forints.

Is there a calculator available to estimate long-term savings based on monthly savings amount? Yes, Bankmonitor offers a savings calculator where you can enter your monthly savings amount to calculate the estimated total savings over the long term.